Shea Nut Export Ban Worries Traders as Prices Drop
Nigeria’s recent six-month ban on shea nut exports has sparked concern among industry players, with traders warning of possible contract defaults, even as processors see it as a chance to boost domestic capacity. The policy, announced earlier this month by President Bola Tinubu, is designed to protect local processors, safeguard jobs, and support a value chain where women account for 95% of pickers. However, the ban has already disrupted market activity, with shea nut prices falling by one-third to ₦800,000 per tonne, according to data from Lagos-based consultancy Vestance. “Exports made the market vibrant. Local demand is not as high as local supply,” Vestance CEO, Rildwan Bello, told Bloomberg. “The idea of growing the local industry doesn’t happen overnight. You don’t set up a processing industry within two months. The manner of the implementation leaves a lot to be desired.” […]
